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Extra info for Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2) (Volume 2)
This Statement addresses significant issues relating to the implementation of SFAS No. 121 and develops a single accounting model, based on the framework established in SFAS No. 121, for long-lived assets to be disposed of by sale, whether previously held and used or newly acquired. ” An impairment loss is reported only if the carrying amount of the long-lived asset (asset group) (1) is not recoverable, that is, if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset (asset group), assessed based on the carrying amount of the asset in use or under development when it is tested for recoverability, and (2) exceeds the fair value of the asset (asset group).
121 impairment rules to capitalized costs of proved oil and gas properties for companies following the successful efforts method of accounting. 4 ACCEPTABLE ACCOUNTING METHODS 29 · 9 (v) Conveyances. SFAS No. 19 and Reg. S-X Rule 4-10(m) provides rules to account for mineral property conveyances and related transactions. Conveyances of “production payments” repayable in fixed monetary terms, that is, loans in substance, are accounted for as loans. Conveyances of production payments repayable in fixed production volumes from specified production are deemed to be property sales whereby proved reserves are reduced but the proceeds from sale of a production payment are credited to deferred revenue to be recognized as revenue as the seller delivers future petroleum volumes to the holder of the production payment.
Property acquisition includes both the purchase of property and the purchase or lease of mineral rights. Costs incurred to purchase land (including mineral rights and surface rights) or to lease mineral rights are capitalized. Acquisition costs may include lease bonus and lease extension costs, lease brokers commissions, abstract and recording fees, filing and patent fees, and other related expenses. Geophysical analysis is conducted to identify mineralization. The related costs are generally expensed as exploration costs when incurred.